Fox News correspondent Charles Gasparino discussed the actions taken by SEC Chairman Gary Gensler regarding cryptocurrency.
Sources familiar with the situation indicate that the US Securities and Exchange Commission (SEC) is getting ready to take additional measures against the cryptocurrency industry.
Gary Gensler Urges Team to Pursue More Cryptocurrency Lawsuits Soon.
Charles Gasparino, a senior correspondent at Fox Business Network, tweeted, referring to undisclosed sources, that SEC Chairman Gary Gensler strongly urged his staff to initiate multiple lawsuits related to cryptocurrencies.
In recent months, the SEC has stepped up its monitoring of the cryptocurrency sector, conducting investigations and filing lawsuits against different companies and individuals associated with the industry.
Notable lawsuits include the SEC’s ongoing legal dispute with Ripple Labs regarding the classification of the XRP token, the SEC’s allegations against individuals linked to BitConnect for allegedly operating a $2 billion pyramid scheme, and the SEC’s investigation into FTX for potential fraud, bribery, and market manipulation.
Also Read This Related: SEC drops proposed ‘digital assets’ definition from final hedge fund rules
Since assuming office in April 2021, Gensler has shared his perspective on regulating cryptocurrencies, stating that he considers the majority of them to be securities and believes they should be regulated by the SEC.
He has additionally advocated for increased congressional authority and resources to supervise the cryptocurrency market, which he describes as a risky and unregulated environment that poses substantial risks to investors and financial stability.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.